The Farmers Insurance Exchange has agreed to pay $700 million for the naming rights to the proposed downtown Los Angeles football stadium and event center, a deal backers say is a big step towards attracting an NFL team to the city. The stadium is to be named Farmers Field.
AEG Global Partnerships, developers of Staples Center and L.A. Live, which has proposed the stadium, confirmed the 30-year deal. The $1 billion dollar stadium will be entirely privately financed.
As part of the deal designed by AEG Global Partnerships, Farmers’ naming rights partnership will provide exclusive naming exposure and signage inside and outside Farmers Field. The exposure will include electronic and video messaging during events, hospitality access inside and outside of Farmers Field, promotional and experiential activation areas throughout Farmers Field’s concourses and other public areas, and a variety of branded clubs and other interactive areas to be used by Farmers Insurance agents and customers.
“This groundbreaking agreement with Farmers not only makes this the largest long- term commitment in naming rights history, it also signals the most significant step forward in creating the football stadium and event center and bringing an NFL team back to Los Angeles,” said Timothy J. Leiweke, president and CEO of AEG, developers of the project. “Farmers’ commitment and partnership also allows us to completely privatize the development of the stadium, which will become the true catalyst needed to, once and for all, upgrade the Los Angeles Convention Center to become a top five facility of its kind in the nation.”
Farmers Field will be contiguously connected to the Los Angeles Convention Center, allowing Los Angeles to compete for and attract top-tier conventions and trade shows previously unable to commit to Los Angeles, the companies said.
“This investment will court the NFL, and bring jobs and economic development to downtown Los Angeles,” said Bob Woudstra, CEO of Farmers Insurance.
Farmers Insurance was founded in Los Angeles and the city has been its headquarters for more than 80 years.
“Farmers Field will be a catalyst for new development, creating nearly 20,000 jobs and $3 billion worth of new development in the downtown area alone,” said Los Angeles Mayor Antonio Villaraigosa.
“Farmers Field represents a rare opportunity to merge a significant investment in Los Angeles with tremendous exposure for the Farmers brand,” said Kevin Kelso, executive vice president and chief marketing officer of Farmers Insurance. “But this extends well beyond the Los Angeles market: this showcases the Farmers brand on a national stage.”
Farmers and AEG also announced the launch of a new Web site, Farmersfield.com where fans can receive information about Farmers Field and sign up to be on a priority list for a variety of premium seating options. Information is now available online at http://www.farmersfield.com.